Employer health benefits startup Gravie received a commitment of $40 million debt facility from Trinity Capital Inc. (NASDAQ : TRIN).
The funding provided by Phoenix-based Trinity Capital will allow Gravie to scale its Comfort health plan model nationwide. Gravie has employer customers in 39 states and members in 48 states, with 300 broker partners around the country.
Minneapolis-based Gravie helps small- and medium-sized provide health insurance for their employees through their flagship product called Comfort. It uses a defined-contribution approach, where employees choose how much money they’re willing to contribute to employee health plans and are able to choose their own plans. The plans provide comprehensive coverage with no copays or deductibles for most common health care services.
Trinity provides venture debt and equipment financing to high-growth, venture-backed growth-stage companies. The company went public in January 2021. Last year, Trinity provided $831 million in debt and equity commitments.
Last year, Gravie received a $179 million equity investment to scale the company’s operations, raising more than $300 million since its founding in 2013.
